Stock Track | Applied Digital Soars After Upbeat Q1 Results, Expansion Plans for AI Computing

Stock Track
2024-10-10

Shares of Applied Digital Corp (APLD) surged over 5% in after-hours trading on Monday, following the company's better-than-expected fiscal first-quarter 2025 results and an update on its growth initiatives in the high-performance computing and artificial intelligence space.

The digital infrastructure company reported an adjusted loss of $0.15 per share for the quarter ended August 31, narrower than the analysts' estimate of a $0.29 loss. Revenue jumped 67% year-over-year to $60.7 million, surpassing expectations of $54.8 million. The strong revenue growth was driven by the launch of Applied Digital's cloud services business at the end of the previous fiscal year.

Applied Digital also announced a strategic $160 million private placement financing deal with institutional investors, NVIDIA, and Related Companies, a leading real estate firm specializing in data center development. The company said it plans to utilize the funds to fuel its expansion in the accelerated computing space.

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